- Founder/Owner: Shweta Shivkumar & Jaya Shivkumar
- Business: Apparel
- Ask: ₹75 Lakhs for 3% Equity
- Valuation/ Networth: ₹25 Crores
- Funding: ₹40 Lakhs for 3% + ₹35 Lakhs Debt
- Sharks: Ritesh Agarwal
- Episode: Season 3 Episode 43
WhySoBlue Shark Tank India Pitch:
WhySoBlue is an apparel company which specializes in creating vibrant prints and colour outfits. They recently launched their first flagship store in Mumbai. The founders sought an investment of ₹75 lakhs in exchange of 3% equity in their company valuing the business at ₹25 Crores.
WhySoBlue started in 2015. They have a launch cycle of 45 days which means they launch 8 collections per year. The company makes all their products from 100% cotton. The founders shared that their unique selling proposition is their design, brand communication and their in-house production and Manufacturing. So far, they have catered to around 15,000 customers.
WhySoBlue’s Financials & Revenue during Shark Tank India:
WhySoBlue’s pricing for Co-Ords starts at around ₹5,000 and dresses range from ₹3,500 to ₹6,000. For Unit economics, their COGS come to around 19%, 33% goes to rent, electricity & commissions, Marketing takes another 25% and 7% goes to admin costs leaving them with 16% EBITDA. After other expenses, They usually make a net profit of around 10%.
WhySoBlue made a revenue of ₹1.15 Crores in FY21-22 followed by ₹1.95 Crores in FY22-23. The company is projecting to close FY23-24 at around ₹8 Crores. The founders shared that they have already made ₹3 Crores till October 2023. Important to note that they had 1.15 Lakh followers on their Instagram at the time of their pitch.
WhySoBlue Shark Tank India Negotiations & Funding:
Aman was the first shark to go out because he couldn’t relate to the design language of the brand. Radhika felt like the pricing was too high and it is a very competitive market therefore she goes out as well. Vineeta felt like this would be difficult to scale therefore she went out as well. Peyush goes out because he feels like the business is not yet investable.
Ritesh gives the first and only offer of ₹40 Lakhs for 3% of the company valuing the business at ₹13.33 Crores and ₹35 Lakhs debt at 10% interest for 3 years. The founders accepted that offer without any hesitation.
Who are the founders of WhySoBlue?
Shweta Shivkumar & Jaya Shivkumar founded WhySoBlue.
How is WhySoBlue doing after Shark Tank India?
Our research in the WhySoBlue revealed that while they did get the deal on Shark Tank India, early signs suggest that their deal has not yet gone through. This could be because they are still in due diligence phase. we will update this article with more information once it comes to light but in the meantime, you can check out their products by clicking the Amazon button below!
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Here are other companies from Season 3 Episode 43: